CDB Examining Ways to Assist Member States to Cope with Food Crisis

Minister without Portfolio in the Ministry of Finance and Public Service, Senator Don Wehby, has said that the Caribbean Development Bank (CDB) is currently examining how best to meet the needs of borrowing member countries, in relation to the issue of the international food crisis.
He also added that a delegation from Jamaica would be attending a one day seminar being hosted by the CDB, in conjunction with the Inter-American Development Bank (IDB) on June 16, 2008 in Barbados. The seminar is being held under the theme: ‘The Food Price Shock and the Caribbean’.
In a statement to the Senate today (June 6), on the issue of international food crisis and domestic food security, Senator Wehby also informed, that an emergency meeting is being held in Guyana this week, to devise additional strategies to help “our regional economies to mitigate the food crisis and particularly how to attract finance for pipeline projects and technical assistance to boost food production.”
The Minister further added that the IDB recently established a US$500 million credit line to ease the impact of rising food prices on countries in the Latin American and Caribbean Region.
“Once this has been approved by the IDB Board, we will make every effort to access this line of credit towards the implementation of our established goals,” Senator Wehby said.
In addition, the Minister said he is currently reviewing a line of credit from the Chinese Government for funding of agriculture, “to determine what is the most efficient way to use that line of credit.”
“Though there are many challenges, we have a plan and the means to implement it. However, this is not a short term situation, there are only long term solutions,” Senator Wehby said.